1. Field of the Invention
The present invention relates to communications systems. More specifically, the present invention relates to video-conferencing systems.
2. Description of the Related Art
As described in “Escrow”, Microsoft® Encarta® Encyclopedia 2000, an escrow, in law, is a conditional delivery of money, property or documents evidencing or transferring rights therein, to a third party to be kept by that party until certain conditions are satisfied and then to be delivered over to an obligee or grantee. The property or documents thus conditionally held are also called the escrow and the contract defining the conditions of the second delivery is called the ‘escrow agreement or escrow instructions’. An escrow is a device most frequently utilized in real-estate transactions. A deed, for example, delivered in escrow does not operate as an obligation or conveyance so long as it remains in the hands of the third person. When the prescribed conditions are fulfilled, the deed generally takes effect from the second delivery.
Conventionally, escrow services were provided by independent escrow companies. However, more recently, real estate brokers, title insurance companies, and others have begun to offer escrow services for the convenience of their customers and to generate supplemental income. Unfortunately, these ‘secondary’ escrow service providers must bear significant costs associated with the provision of escrow services. Those who have purchased or refinanced a home recently can appreciate the amount of labor involved in the escrow process. Thus, the provision of onsite escrow services by a secondary escrow company typically involves a salary with benefits for the escrow officer, an office, phone and fax services, advertising expenses, etc. Consequently, the supplemental income due to the provision of onsite escrow services is currently often marginal.
In addition, prospective buyers and sellers do not currently have an opportunity to shop for an optimal escrow company. Instead, an escrow agent is typically recommended by a broker and accepted the parties without further consideration. Consequently, the costs and the quality of the escrow services provided to the would-be buyers and sellers may be less than optimal.
For these and other reasons, a need exists in the art for a system or method for improving the availability and accessibility of independent escrow services. More specifically, a need exists in the art for a system or method for reducing the costs associated with onsite escrow services borne by secondary escrow service providers while increasing the options of buyers and sellers with respect to providers of escrow services.